Atlantic City, N.J. ? He made millions in real estate, built a casino empire and conquered television with a reality show that turned “You’re fired” into a national catch phrase.

But Donald Trump’s glitzy, neon-trimmed casinos are now headed for bankruptcy court, a $400 million bailout and a new corporate structure in which he surrenders much of his control.

Under a plan announced late Monday, Trump Hotels & Casino Resorts will file for Chapter 11 bankruptcy next month in a “prepackaged” bankruptcy that offers a plan at the start to revive the struggling company.

Trump would remain chairman of the board but relinquish both his chief executive officer title and his status as majority stakeholder in Trump Hotels. Trump said it was “a wonderful deal which will substantially reduce the debt of the company.”

“I’m really happy about it,” he said Tuesday. “Even though it’s a small portion of my net worth, it’s an important company to me.”

Saddled with double-digit interest rates and unable to keep pace with newer, richer competitors, Trump Hotels will get a bailout from DLJ Merchant Banking Partners — an arm of Credit Suisse First Boston — aimed at reducing the company’s $1.8 billion in debt.

Trump would see his stake in his casino company shrink from 56 percent to 25 percent, with Credit Suisse owning more than two-thirds of the company.

If the deal goes through, it would be the second time Trump casinos filed for bankruptcy court protection.

In 1992, Trump Taj Mahal, Trump Castle and Trump Plaza ended up in Chapter 11, burdened by more than $1 billion in debt and hurt by the 1990-91 recession.

An image of Donald Trump rests near the fountain that greets visitors entering The Trump Taj Mahal in Atlantic City, N.J. Trump's casinos, including the The Trump Taj Mahal pictured on Tuesday, are headed for bankruptcy court.

Trump later regained control of the casinos, but high interest payments ate away at the company’s bottom line, making it impossible to finance capital improvements or expansions at a time when many of his Atlantic City competitors were building new hotel towers, sprucing up their casino games and luring his gamblers away.

A majority of investors holding $1.3 billion worth of bonds backed by Trump Taj Mahal and Trump Plaza have signed off on the plan. Those who own bonds backed by Trump Marina and Trump Indiana — which operates a riverboat casino in Gary, Ind. — also have been offered a combination of cash, stock and debt but have not yet agreed to the restructuring plan.

“I get the sense that what he’s trying to do is test the waters, see if anyone squawks, in putting out his planned proposal a month before he files,” said attorney Daniel Sklar, a bankruptcy specialist.